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Eternal (ETERNAL) investor relations material
Eternal Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary16 Oct, 2025
Executive summary
QuickCommerce business saw significant MTU additions, driven by increased marketing investments and rapid store expansion, with a focus on acquiring high-quality new customers.
Food delivery segment improved profitability due to a mid-quarter platform fee increase, but growth remained subdued, attributed to macro headwinds and competition from QuickCommerce.
Consolidated revenue from operations for Q2 FY26 was INR 13,590 crores, up from INR 7,167 crores in the previous quarter and INR 4,799 crores in Q2 FY25.
Profit for the quarter was INR 65 crores, with total comprehensive income at INR 20 crores, compared to INR 25 crores and INR 98 crores respectively in the previous quarter.
The company completed the acquisition of Orbgen Technologies and Wasteland Entertainment, expanding into movies ticketing and events.
Financial highlights
Gross margin in QuickCommerce expanded by 300 basis points quarter-over-quarter, mainly due to a shift to an inventory-led (1P) model.
Quick commerce revenue surged to INR 9,891 crores in Q2 FY26, up from INR 2,400 crores in Q1 FY26.
Contribution per order improved, but EBITDA per order was flat due to higher marketing spend and supply chain costs.
Marketing spend in QuickCommerce increased 4x year-over-year and 40% quarter-over-quarter, supporting strong user growth.
Total income for Q2 FY26 was INR 13,942 crores, with total expenses at INR 13,813 crores.
Outlook and guidance
Elevated marketing investments in QuickCommerce are expected to continue in the near term as long as customer acquisition costs and LTV remain healthy.
QuickCommerce year-on-year growth is expected to remain above 100% for the next one to two years, supported by ongoing store expansion.
The company is transitioning its quick commerce segment to a combination of marketplace and inventory-led model, impacting segment revenue mix.
Management remains confident in the long-term growth of new business segments and continues to support loss-making subsidiaries.
Food delivery growth is expected to see a slow uptick, with no immediate "silver bullet" for acceleration; long-term growth target remains at 20%.
Explain rationale for 3,000 Blinkit stores?
What underpins 20%+ food delivery growth?
Clarify Blinkit's profitability strategy?
Blinkit: What drives current growth investment?
What impacts food delivery growth outlook?
Blinkit: What is the long-term store reach potential?
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Q3 25/2619 Jan, 2026
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Frequently asked questions
Eternal Limited (formerly Zomato Limited) is an India-based technology company operating in the food services sector. The company provides an online platform connecting customers with restaurants, offering services such as food delivery, restaurant discovery, and table reservations. Zomato also offers subscription-based programs for users and marketing tools for restaurant partners to enhance their reach and engagement. In addition, the platform features customer reviews, menus, and ratings to help users make informed dining decisions. The company is headquartered in Gurugram, India, and its shares are listed on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).
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